San Francisco. Amsterdam. Stockholm.

Vancouver is infamous for its astonishing real estate bubble, which the government has tried to slow by slapping a nasty transfer tax on certain property transactions.

In London, prices are 15% higher than the previous real estate market peak in 2007. Yet income levels are 10% lower.

It's the same in Hong Kong, Frankfurt, and a number of other major cities– real estate prices have surpassed their all-time highs, yet income growth is flat (or negative).

People in Denmark are particularly troubled– Danish home prices are well above their peak levels from 2006.

As a result, Danes have had to borrow extraordinary amounts of money in order to survive.